Lack of Funds is Stalling Anti-Corruption War – Presidency

The Presidency has disclosed that lack of funds is stalling Nigeria’s effort to trace and recover its stolen monies, and prosecute former government officials responsible for the heist.

A letter by the Presidential Advisory Committee on Corruption (PACC) to a United Kingdom-based anti-corruption organization, Global Witness, soliciting assistance in raising funds, revealed that due to the fall in crude oil prices and the general economic downturn, the government lacked the needed funds to pursue recovery of loots.

The letter, dated February 15, 2016, was signed by the Executive Secretary of PACC, Bolaji Owasanoye, and directed to the Director of Global Witness, Simon Taylor.

It stated that the commitment of the government to tackle Boko Haram insurgency, fight corruption and improve the livelihood of Nigerians through job creation, was being hampered by dwindling oil revenue and mounting debts.

Mr. Owasanoye, a professor, argued that the economy could not be revived simply by improving revenue generation, without wiping out corruption and recovering money stolen former officials.

He said ongoing investigations into the diversion of arms funds by the former National Security Adviser (NSA), Sambo Dasuki, and ex-military chiefs, show that significant amount of the money needed by the government to alleviate poverty were still in “the pockets and bank accounts of looters of public funds”.

He said intelligence reports and court rulings elsewhere have shown that there were more funds to be recovered from the immediate past Petroleum Minister, Diezani Alison-Madueke, the fraudulent sale of OPL 245 by Malabu Oil and Gas, a company owned by “a well-known money launderer”, Dan Etete, assets traced to former Delta State Governor, James Ibori, and former military ruler, Sani Abacha.